Indian cabinet approves stake sale in Rashtriya Chemicals

5:08 AM, 27th December 2012

DELHI, INDIA: The Indian cabinet approved selling a further stake in state-run Rashtriya Chemicals & Fertilizers Ltd. The move is part of the government’s plan to raise 300 billion rupees by selling part of its holding in state-run companies in the current fiscal year that ends in March. The quantum of stake to be sold in the fertiliser maker was not specified. The government, which owns 92.5 per cent of Rashtriya Chemicals & Fertilizers, had earlier indicated it may sell 12.5 per cent stake in the company.